Delta Global Management LP Acquires New Position in Range Resources Corporation $RRC

Delta Global Management LP bought a new position in shares of Range Resources Corporation (NYSE:RRC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 62,704 shares of the oil and gas exploration company’s stock, valued at approximately $2,360,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RRC. CSM Advisors LLC purchased a new position in shares of Range Resources during the 3rd quarter worth $624,000. Aventail Capital Group LP grew its position in shares of Range Resources by 130.1% in the third quarter. Aventail Capital Group LP now owns 461,340 shares of the oil and gas exploration company’s stock valued at $17,365,000 after purchasing an additional 260,884 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in shares of Range Resources in the third quarter valued at $231,000. California Public Employees Retirement System increased its stake in Range Resources by 12.2% in the third quarter. California Public Employees Retirement System now owns 460,839 shares of the oil and gas exploration company’s stock valued at $17,346,000 after purchasing an additional 50,188 shares during the last quarter. Finally, Aristotle Capital Boston LLC lifted its position in Range Resources by 202.3% during the third quarter. Aristotle Capital Boston LLC now owns 405,436 shares of the oil and gas exploration company’s stock worth $15,261,000 after buying an additional 271,304 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Range Resources Stock Performance

Range Resources stock opened at $43.61 on Tuesday. The stock’s 50-day moving average is $37.61 and its 200-day moving average is $37.03. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 0.40 and a beta of 0.57. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.67 and a quick ratio of 0.67. Range Resources Corporation has a 12 month low of $30.32 and a 12 month high of $44.56.

Range Resources (NYSE:RRC) last issued its earnings results on Tuesday, February 24th. The oil and gas exploration company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.13. The business had revenue of $786.89 million during the quarter, compared to analysts’ expectations of $770.92 million. Range Resources had a return on equity of 16.31% and a net margin of 21.12%.The company’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. Equities analysts anticipate that Range Resources Corporation will post 2.02 earnings per share for the current year.

Range Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.10 per share. This is an increase from Range Resources’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, March 13th. Range Resources’s payout ratio is presently 14.60%.

Wall Street Analyst Weigh In

RRC has been the topic of a number of research analyst reports. Barclays raised their price target on Range Resources from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday. Royal Bank Of Canada cut their price objective on shares of Range Resources from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Wells Fargo & Company raised their target price on shares of Range Resources from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. Mizuho upped their price target on shares of Range Resources from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Finally, Bank of America reaffirmed a “neutral” rating and set a $38.00 price target (down from $44.00) on shares of Range Resources in a research note on Friday, January 16th. Four equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $42.27.

Range Resources Company Profile

Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania’s Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.

The company’s technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.